OHIO CASUALTY CORPORATION
EXHIBIT 12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
| Year Ended December 31, | |||||||||||||
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| 2006 |
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| 2005 |
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| 2004 |
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| 2003 |
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| 2002 |
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Pretax income (loss) from |
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continuing operations | $ | 300,806 |
| $ | 280,722 |
| $ | 186,485 |
| $ | 107,575 |
| $ | (6,706) |
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Fixed charges: |
| 14,671 |
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| 17,727 |
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| 17,462 |
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| 10,148 |
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| 9,482 |
Interest expense |
| 471 |
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| 2,291 |
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| 1,075 |
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| 553 |
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| 577 |
Amortization of debt expense |
| 3,133 |
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| 3,383 |
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| 3,437 |
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| 3,921 |
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| 4,321 |
One-third of rentals |
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| $ | 319,080 |
| $ | 304,123 |
| $ | 208,460 |
| $ | 122,197 |
| $ | 7,674 |
EARNINGS |
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Fixed charges: |
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Interest expense |
| 14,671 |
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| 17,727 |
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| 17,462 |
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| 10,148 |
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| 9,482 |
Amortization of debt expense |
| 471 |
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| 2,291 |
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| 1,075 |
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| 553 |
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| 577 |
One-third of rentals |
| 3,133 |
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| 3,383 |
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| 3,437 |
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| 3,921 |
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| 4,321 |
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FIXED CHARGES | $ | 18,274 |
| $ | 23,401 |
| $ | 21,975 |
| $ | 14,622 |
| $ | 14,380 |
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Ratio of Earnings to Fixed Charges |
| 17.46 |
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| 13.00 |
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| 9.49 |
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| 8.36 |
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| 0.53* |
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Earnings in Excess of Fixed Charges | $ | 300,806 |
| $ | 280,722 |
| $ | 186,485 |
| $ | 107,575 |
| $ | (6,706) |
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| * Due to the Registrant's loss in 2002, the ratio coverge was less than 1:1. The registrant must generate additional earnings of $6,706 in 2002 to have achieved a coverage of 1:1. |